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[COM] Re: Adelaide Oval Hotel
Posted: Wed Dec 26, 2018 4:07 pm
by arki
So what? A bank could still take mortgage over the crown lease. Weak excuse for the mismanagement of tax payer funds.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Dec 26, 2018 9:37 pm
by floplo
arki wrote: ↑Wed Dec 26, 2018 4:07 pm
So what? A bank could still take mortgage over the crown lease. Weak excuse for the mismanagement of tax payer funds.
the lease/land in question is the actual Adelaide Oval, what exactly should they take up as collateral?
It's only mismanagement if the project fails, otherwise I guess that the direct fiscal effect might actually positive (if they charge higher rates than refinancing costs). If you want full fiscal neutrality than the government should reinsure itself with reinsurance companies and charge the fees to SMA, so even if the project fails there is no damage or even cost to the state government (except a lot of unused space in the Oval..., and if that happens, I am sure that parkland administration, sport associations, and other non-commercial or parkland related entities are willing to move into there as office space).
The state government acts as a bank in a situation where private banks are not engaging, and that is actually something that governments even in free market economies tend to occasionally do, in some cases even systematically.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Dec 26, 2018 10:46 pm
by ChillyPhilly
I can't help but feel that there's some buried controversy waiting to explode to the surface with this project.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Dec 26, 2018 11:55 pm
by bits
The inquiry will be a field day for the political parties about who signed what.
[COM] Re: Adelaide Oval Hotel
Posted: Thu Dec 27, 2018 12:31 pm
by mshagg
floplo wrote: ↑Wed Dec 26, 2018 9:37 pm
arki wrote: ↑Wed Dec 26, 2018 4:07 pm
So what? A bank could still take mortgage over the crown lease. Weak excuse for the mismanagement of tax payer funds.
the lease/land in question is the actual Adelaide Oval, what exactly should they take up as collateral?
It's only mismanagement if the project fails, otherwise I guess that the direct fiscal effect might actually positive (if they charge higher rates than refinancing costs). If you want full fiscal neutrality than the government should reinsure itself with reinsurance companies and charge the fees to SMA, so even if the project fails there is no damage or even cost to the state government (except a lot of unused space in the Oval..., and if that happens, I am sure that parkland administration, sport associations, and other non-commercial or parkland related entities are willing to move into there as office space).
The state government acts as a bank in a situation where private banks are not engaging, and that is actually something that governments even in free market economies tend to occasionally do, in some cases even systematically.
Commercial finance is a sufficiently sophisticated discipline that they could get around the fact they're not stamping a 3BR house as security. Any number of physical assets, charges and guarantees could be offered (effectively what they've done with a govt guarantee).
I suspect the commercial banks' appetite would be exhausted by the political risk of such a project - if the hotel goes under there's going to be a whole shitfight about who signed what; every man, his dog, and the advertiser will think they have a say in what to do with the space going forward. Banks can be creative with security requirements, but they'll want confidence that they can enforce whatever security they've taken. Under the proposed arrangement they claim on the guarantee and get on with their lives while SA spends years politicking about what is to be done.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 12:40 pm
by rev
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 1:04 pm
by SRW
In terms of design, the only thing I don't like is the lobby pod. I don't think it's been as sufficiently resolved with the existing building as the rest of the hotel. I also wish they planned a green roof or wall to evoke the vines of yesteryear's oval. But on the whole, it doesn't very much add to or detract from the oval's aesthetics -- it's almost deliberately meh.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 1:42 pm
by noted
SRW wrote: ↑Wed Jan 09, 2019 1:04 pm
In terms of design, the only thing I don't like is the lobby pod. I don't think it's been as sufficiently resolved with the existing building as the rest of the hotel. I also wish they planned a green roof or wall to evoke the vines of yesteryear's oval. But on the whole, it doesn't very much add to or detract from the oval's aesthetics -- it's almost deliberately meh.
Sorry, but can't agree with you there SRW. It looks every bit the tacky add on, done hastily and on the cheap. There is a reason it will be the first stadium hotel in Australia and that is because it isn't a great idea.
If we are going to be the first ones to go down this path then at least make it a standout design. We spent way too much on the upgrade to then go and devalue it with crap like this.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 2:06 pm
by SRW
noted wrote: ↑Wed Jan 09, 2019 1:42 pm
SRW wrote: ↑Wed Jan 09, 2019 1:04 pm
In terms of design, the only thing I don't like is the lobby pod. I don't think it's been as sufficiently resolved with the existing building as the rest of the hotel. I also wish they planned a green roof or wall to evoke the vines of yesteryear's oval. But on the whole, it doesn't very much add to or detract from the oval's aesthetics -- it's almost deliberately meh.
Sorry, but can't agree with you there SRW. It looks every bit the tacky add on, done hastily and on the cheap. There is a reason it will be the first stadium hotel in Australia and that is because it isn't a great idea.
If we are going to be the first ones to go down this path then at least make it a standout design. We spent way too much on the upgrade to then go and devalue it with crap like this.
Fair enough. I should clarify, I still think the hotel idea is without merit and that its design is by no means exceptional. Rather, the design is so bland that, other the lobby pod, it's inoffensive enough for me to not feel passionately about it one one or the other. Not to say I think it should proceed.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 2:19 pm
by Jaymz
Whether or not I like the design is irrelevant to me, this is just a plain weird idea. Who is it aimed at??? ....the footy corporate, the well heeled cricket tragic, or perhaps the teams themselves. That's all I can think of.... you can guarantee it won't be cheap.
Not to mention, there's already a large amount of hotel rooms under construction or in the pipeline just a short walk across the river.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 3:17 pm
by rev
Do people really think the redevelopment of Adelaide Oval finished with eastern and southern stands being rebuilt?
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 3:22 pm
by HiTouch
I've been thinking this through and come to the conclusion that it looks desperate and not aesthetically pleasing. It looks like an architectural version of the Sega Genesis CD attachment. There are other avenues for this oval to make money that don't include expansion packs.
It's Malibu Stacey... with a new hat!
I'm not against the concept of a new hat. But if we're going to get a new hat, we want a decent top hat that you can wear to a cup day and not a bucket hat from big w.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 6:12 pm
by claybro
How about a hotel and corporate suite complex behind the northern mound....we could chop down the Morton Bay figs and....oh ...
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 6:26 pm
by Honey of a City
The first guest at the hotel will be Unnecessary. The second will be Mediocrity. Both staying at an Oval near you.....for a long long time.
[COM] Re: Adelaide Oval Hotel
Posted: Wed Jan 09, 2019 6:45 pm
by noted
rev wrote: ↑Wed Jan 09, 2019 3:17 pm
Do people really think the redevelopment of Adelaide Oval finished with eastern and southern stands being rebuilt?
No, absolutely not. Eventually I'd love to see them get rid of the hill, put the scoreboard in a museum and finish the job off properly by closing in the stadium from all sides. As Jaymz pointed out though the need and urgency for this hotel seems to have come from nowhere, and is curious to say the least. Then of course there is the mediocrity of the design itself.